SK Innovation, South Korea's top refiner has taken a 35% stake in Myanmar's second-largest petroleum product distributor for 150 billion won ($127 million) to enhance its influence in the Southeast Asian market.
SK Innovation subsidiaries, SK Energy and SK Trading International will each take a 17.5% stake in Myanmar’s Best Oil Company (BOC).
BOC has a 17 percent market share in Myanmar's oil market and has subsidiaries ― PT Power in charge of petroleum import and distribution in southern Myanmar, and PSW in charge of constructing and operating petroleum product import terminals.
"This is a strategic investment for us to secure a stable export and trade market, and create opportunities to make inroads into overseas markets," said Suh Sok-won, CEO of SK Trading International on 18th July.
Source: The Korea Times